2018 mortgage real estate resolutions worth making

Boyle, professor and director of the Program in Real Estate at Virginia Tech. Also, “request that any incorrect reporting be removed from your credit report. Pay down your credit cards and any outstanding debt to improve your score quicker. And avoid ...

Archived Story

Posted 01/13/2018
by Erik JMartin
Erik JMartin has written on real estate, business, tech and other topics for Reader’s Digest, AARP The Magazine, The Chicago Tribune and his blog, Martinspiration.
Share This Page
.resp-sharing-button__link,
.resp-sharing-button__icon {
display: inline-block
}
.resp-sharing-button__link {
text-decoration: none !important;
color: #fff !important;
margin: 0.5em
}
.resp-sharing-button {
border-radius: 5px;
transition: 25ms ease-out;
padding: 0.5em 0.75em;
font-family: Helvetica Neue,Helvetica,Arial,sans-serif
}
.resp-sharing-button__icon svg {
width: 1em;
height: 1em;
position: relative;
bottom: -1px;
margin-right: 7px;
}
.resp-sharing-button span {
padding-left: 0.4em
}
/* Non solid icons get a stroke */
.resp-sharing-button__icon {
stroke: #fff;
fill: none
}
/* Solid icons get a fill */
.resp-sharing-button__icon--solid,
.resp-sharing-button__icon--solidcircle {
fill: #fff;
stroke: none
}
.resp-sharing-button--twitter {
background-color: #55acee
}
.resp-sharing-button--twitter:hover {
background-color: #2795e9
}
.resp-sharing-button--pinterest {
background-color: #bd081c
}
.resp-sharing-button--pinterest:hover {
background-color: #8c0615
}
.resp-sharing-button--facebook {
background-color: #3b5998
}
.resp-sharing-button--facebook:hover {
background-color: #2d4373
}
.resp-sharing-button--tumblr {
background-color: #35465C
}
.resp-sharing-button--tumblr:hover {
background-color: #222d3c
}
.resp-sharing-button--reddit {
background-color: #5f99cf
}
.resp-sharing-button--reddit:hover {
background-color: #3a80c1
}
.resp-sharing-button--google {
background-color: #dd4b39
}
.resp-sharing-button--google:hover {
background-color: #c23321
}
.resp-sharing-button--linkedin {
background-color: #0077b5
}
.resp-sharing-button--linkedin:hover {
background-color: #046293
}
.resp-sharing-button--email {
background-color: #777
}
.resp-sharing-button--email:hover {
background-color: #5e5e5e
}
.resp-sharing-button--xing {
background-color: #1a7576
}
.resp-sharing-button--xing:hover {
background-color: #114c4c
}
.resp-sharing-button--whatsapp {
background-color: #25D366
}
.resp-sharing-button--whatsapp:hover {
background-color: #1da851
}
.resp-sharing-button--facebook {
background-color: #3b5998;
border-color: #3b5998;
}
.resp-sharing-button--facebook:hover,
.resp-sharing-button--facebook:active {
background-color: #2d4373;
border-color: #2d4373;
}
.resp-sharing-button--twitter {
background-color: #55acee;
border-color: #55acee;
}
.resp-sharing-button--twitter:hover,
.resp-sharing-button--twitter:active {
background-color: #2795e9;
border-color: #2795e9;
}
.resp-sharing-button--google {
background-color: #dd4b39;
border-color: #dd4b39;
}
.resp-sharing-button--google:hover,
.resp-sharing-button--google:active {
background-color: #c23321;
border-color: #c23321;
}
.resp-sharing-button--linkedin {
background-color: #0077b5;
border-color: #0077b5;
}
.resp-sharing-button--linkedin:hover,
.resp-sharing-button--linkedin:active {
background-color: #046293;
border-color: #046293;
}
.resp-sharing-button--reddit {
background-color: #5f99cf;
border-color: #5f99cf;
}
.resp-sharing-button--reddit:hover,
.resp-sharing-button--reddit:active {
background-color: #3a80c1;
border-color: #3a80c1;
}
Facebook
Twitter
Google+
LinkedIn
Reddit
As Seen On
2018 mortgage real estate resolutions worth making
Erik JMartin
The Mortgage Reports Contributor
Your were partying on New Years Eve -- and that's okay
January is well underway, and you forgot to make your resolutionsBut it’s not too lateBetter yet, why not make 2018 mortgage real estate resolutions that will help you buy a home quicker?
Setting goals can helpBy pinpointing your aims and pursuing strategies to attain them, you stand a better chance of reaching your targets.
First-time home buyers guide: the basics
Pledges are often broken, though; you’ll need disciplineSacrifices are requiredExpect a few setbacks along the way, too.
Remember: actions speak louder than wordsCommitting to objectives is a good first stepBut following through on them will take a lot of effort and patienceKnowing that a home of your own is waiting at the finish line makes it all worth it.
Verify your new rate (Jan 14th, 2018)
Why 2018 mortgage goal-setting is important
Mark Lee Levine, professor at the Burns School of Real Estate and Construction Management, University of Denver, says it’s human nature to delay our dreams.
“As is true with much of what we do, we procrastinate,” says Levine“And with a large purchase and many issues to address, it is much easier to put it off for another day.”
This is why setting goals and devising a plan to achieve them is crucialBut the goals we set have to be specific, realistic and taken seriously.
Don't just list it -- schedule it
“Goals must be important to us for reasons we can clearly identify and that have immediate bearing,” says Alex Stajkovic, assistant professor of management and human resources at the Wisconsin School of Business.
“Having a resolution to keep your weight in check because it’s generally good is one thingBeing told by a physician that your weight may soon lead to a stroke is another.”
The key to whatever goal you set is commitment and taking practical steps to fulfill them, Stajkovic addsThat means, instead of resolving to "save money," make it, "I will have $25 a week deducted from my check into a home savings account."
Be precise and inspirational
For best results, be particular.
“The goals you set should be specific,” says Stajkovic.
How long does it take to save a down payment?
For example, set a first goal of having a 20 percent down payment saved by September 1And, set a second goal of moving into your first home before New Year’s day.
Stretch; don't snap
“Goals must be challenging, yet achievable,” Stajkovic notes“Easy goals are not motivatingAnd goals perceived to be beyond your ability may decrease your effort.”
Goals should indicate deadlines, tooBut keep in mind that “ Having insufficient time raises goal difficulty, and having too much time kills motivation,” he adds.
5 ways to borrow the mortgage down payment for your home
Also, avoid open-ended and overly general goals, such as “I want to own a home.” These direct insufficient attention toward an identifiable end, says Stajkovic.
Subgoal 1 -- credit
Setting home-buying goals is the easy partThe real work involves achieving themTo help, you’ll need to set and fulfill smaller goals.
First, work to improve your credit.
“Rather than set a credit score target, review your credit score and identify actions you can take to raise that number,” says Kevin JBoyle, professor and director of the Program in Real Estate at Virginia Tech.
5 ways to raise your credit score today
Also, “request that any incorrect reporting be removed from your credit reportPay down your credit cards and any outstanding debt to improve your score quickerAnd avoid being late with payments.”
Keith Baker, Mortgage Banking Program coordinator and faculty at North Lake College, agrees that improving your credit score should be an essential goal.
“A higher credit score makes it easier to qualify for a mortgageAnd the higher your credit score, the lower your mortgage interest rate,” says Baker.
Subgoal 2 -- savings
Second, prepare to set money aside on a consistent basis, says Boyle.
“For example, have money from each paycheck automatically go to a separate account that you don’t use for other purposes,” Boyle says“Set a sensible savings target for each pay periodStart as soon as possible and aim for a realistic amount you can live withoutIt should be sufficient to build toward your down payment.”
Complete guide to down payment assistance in the USA
To motivate you, learn what your mortgage payment would be versus any rent paid nowAnd start saving the difference.
“This will help you will quickly understand how your spending habits will have to change when you purchase and finance a home,” Baker says“Also, prepare to save up for closing cost expensesMost first-time buyers underestimate how much it costs to close a home loan.”
More tips -- do them!
Consider making these real estate resolutions as well:
Write down your goals on paper“If the specific steps to be accomplished and the timetables to meet these tasks are not written down, it’s likely that 2018 will come and go—without the home purchase that was desired,” adds Levine.
Assemble a teamThat means choosing an experienced agent or broker and picking a lender“Meet with these experts and develop a plan,” says Levine.
Set dates and stick to them“Outline a table of key dates and objectivesThis can include getting prequalified for a loan by a given dateAnd making plans to visit a minimum number of homes for sale by a given date,” Levine recommends.
Use paper and online calendars to schedule these goals and stepsCreate electronic reminders to keep you on pace“It’s important for buyers to have a constant reminder of these timing issues,” Levine says.
Create a plan B“This could be a commitment to put aside a given amount of money each month until your purchase is met,” suggests Levine.
Don’t give up“If you cannot meet your target, adjust your expectations,” says Boyle“Reduce the amount you are savingAnd perhaps reconsider the target home purchase price.”
Creating and sticking to your plan should make homeownership possible for youBut the best-laid plans can derail -- medical emergencies, job losses, a new addition to the family -- can occurSo an emergency fund should be part of your plansBut more important, even if you miss a deadline, you made progress -- that puts you a step closer and is something to be proud of.
What are today's mortgage rates?
As of this writing, some minor inflation has squeezed into financial marketsThat's especially true of oil pricesHowever, mortgages are still extremely affordable (after all, a .125 percent increase to a 4 percent rate on a $100,000 loan adds exactly $7.23 a month to a payment.
Verify your new rate (Jan 14th, 2018)
Erik JMartin
The Mortgage Reports Contributor
Erik JMartin has written on real estate, business, tech and other topics for Reader’s Digest, AARP The Magazine, The Chicago Tribune and his blog, Martinspiration.
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full BeakerThe views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
Try the Mortgage Calculator
Resources
Get Today's Rates
Mortgage Calculator
View Loan Limits
SIGN UP
Stay informed on the mortgage news that interests you.
Related Articles
Home refinance: When should you consider it?
FHA Streamline Refinance Chart, Guidelines, Rates, & Refunds
Private Mortgage Insurance (PMI) Is Neither "Good" Nor "Bad"
Va Streamline Refinance: About the VA IRRRL mortgage program & VA mortgage rates
How Much Home Can You Afford?
How to cancel FHA MIP or conventional PMI mortgage insurance
View Today's Mortgage Rates
FHA Loan With 3.5% Down vs Conventional 97 With 3% Down
How To Use Your Mortgage "Cash-Out" Refinance
Why You Should Shop Around When You Refinance
First Time Home Buyer's Guide
What is a mortgage refinance, in plain English
How To Buy A House with No Money Down in 2018
Complete guide to VA home loans [2018]
Before making a 20 percent mortgage down payment, read this
Useful Articles
HARP Mortgage
USDA Loans
Mortgage Insurance Premium
VA Mortgage Rates
Mortgage Rates Today
Mortgage Calculator With PMI
FHA Back To Work Program
203k Loan
VA IRRRL
3 Testimonials
Joan H
The Mortgage Reports is doing the BEST mortgage reporting of anyone out there!
Elizabeth CLibrarian
Thanks to The Mortgage Reports, I have a new, very low rate for my homeI owe you so much.
Amit DResearch Scientist
The Mortgage Reports gave me valuable information, tips, and advice which helped me to acquire a home with the lowest mortgage interest rateKeep up the good work!
2018 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.Scounty, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)
Quick Links
Mortgage Rates Today
FHA Refinance
VA Mortgage Rates
HARP Loans
USDA Home Loans
First-Time Home Buyers Guide
The Ultimate Guide to VA Loans and VA Benefits
Mortgage News in Spanish
Join Our Lender Network!
Who We Are
About Us
Contact Us
We are on Facebook
We are on Google+
We are on LinkedIn
We are on Twitter
Consumer Mortgage Tools
2017 Mortgage Loan Limits
Get An Instant Rate Quote
Mortgage Calculator Widget
Mortgage Payment Calculator